‘’Every adversity, every failure, and every heartache carries with it the seed of an equivalent or greater benefit,’’ Napolean Hill. We all know that it will not be business as usual for a long time. In fact, the effects of the lockdown and subsequent post-lockdown measures on the economy remain to be seen. The flip side however is that these uncertain times create opportunities. Entrepreneurs need to focus on minimizing their losses and uncovering and capitalizing on the opportunities available. This article aims to highlight some simple strategies to help you recognise the hidden potential in your present circumstances.
Expand your Customer Base
Slashing marketing budgets during an economic downturn is a common practice. Your competitors may pull back on their marketing spend. This provides you with an opportunity to expand your market share by ensuring you maintain top-of-mind awareness with potential customers. Learn how to leverage Word of Mouth marketing effectively. Setting up formal customer referral programs can help you to create incentives for customers to promote your brand. Amplify your Word of Mouth marketing digitally with compelling testimonials and recording customer interactions with your brand.
Search for opportunities to slowly tap into new markets. What collaborations or strategic partnerships can help you break new ground? What underserved markets can you target? Encourage out-of-the-box thinking by studying other industries and uncovering strategies and creative combinations that you can implement.
Invest in Digital Marketing
Your business must have a reputable online presence and an intuitive easy to use online interface. As people spend more time working remotely and less of their time on face-to-face interactions, reaching them online is more important than ever. Is your website and content optimized for search engines when clients are browsing and searching online? Is your website easy to navigate and delivering an excellent user experience? Are your value propositions clearly articulated? Have you tried to run engaging social media campaigns to reach more people? Are you investing your advertising budget on Pay per Click (PPC) campaigns to pull in the buyers that may be engaging with your potential customers? By creating an integrated, omnichannel marketing strategy that addresses all of the above you will be able to attract traffic to your website and get people talking about your brand in cyberspace.
Provide Excellent Customer Service
Loyal customers give you more sales opportunities. Aim to delight your customers. Small businesses may have fewer resources than large organizations. However, small businesses can leverage their agility and lack of bureaucratic hierarchies to respond more quickly to changing consumer demands and really place creating value for their customers at the heart of their operations.
Co-creating with your customers is an excellent way to gain customer insights and engagement with your brand. By inviting customers to help mould your product or service to suit their needs you will cultivate evangelists that truly feel invested in your brand. Brand communities have sprung up around co-creation efforts the world over. Rewarding loyalty with structured loyalty programs can also help build a brand community.
Content marketing is an excellent way to promote engagement with your brand. Create compelling content that educates your target market and helps them to tackle their pain points. Ensure that your after-sales service is efficient and responses are given in a timely manner to complaints or queries. If you are able to demonstrate that you truly care about your customers and are keen to help them find solutions to their problems then you will create rapport and forge deep connections with them. People tend to do business with individuals or companies they trust and who can relate to them. Reliable, consistent, and trustworthy brands that deliver on customer promises and remain true to their message stand out from the rest and attract loyal followers.
In uncertain times, communication is key. Keep your customers updated about your products and any changes in your business and find a way to help them navigate these tough times. Most companies will have a ‘look back’ reputation after the crisis is over. People will remember how your organization treated others including your employees.
Upskill your Staff
Employees are your first brand evangelists. If they do not believe in your company and what it stands for and the products they are selling then this will be relayed to customers either consciously or unconsciously. How did you help them weather the storm? Did you give them the right training and invest in developing their skill-sets to adapt to the new normal? Look for courses and trainings that match your needs and budget at this time. Most employees also respond positively to training opportunities that are offered in lieu of bonuses or other monetary rewards that it may be difficult to offer when cash flow is reduced.
Training opportunities also afford valuable networking experiences. You and your staff can connect with other businesses during the sessions and have access to powerful Alumni networking platforms after the trainings are complete.
About our Owner Manager Programme
The Owner Manager Programme has been designed to assist you to analyze and fine-tune your business, solve your own problems, identify and overcome roadblocks, and gives you the tools to move your businesses forward, unlock your potential in every respect. It will give you the confidence to put successful progressive plans in place for you and your business.
Learn more about the Owner Manager Programme
Article by Shailja Sharma, Executive Fellow, and Coach
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